Shares of Match Group Inc.
MTCH, +0.44%
are down 4% in morning trading Wednesday after Deutsche Bank analyst Kunal Madhukar downgraded the stock to hold from buy, writing that the company's "gold rush is over." That's a reference to the company's Tinder Gold feature, which has helped drive strong paid member growth in recent quarters. Madhukar said that future growth for Tinder, the star of Match's portfolio, is likely to come from international sources, and the company may generate lower revenue per user overseas. He said that the company's new Picks feature is unlikely to drive the same sort of subscriber momentum as Gold did. "While we continue to like the long-term secular growth story, we think valuations may be ahead of themselves," he wrote. Madhukar kept his $54 target price intact. Match Group reports earnings this afternoon. The stock has gained 3% over the past three months, as the S&P 500
SPX, -0.35%
has dropped 1%.

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